A mortgage customer is often under the misconception that contacting the entity which originated his or her present mortgage is the best entity to talk to regarding refinancing or continuing with the existing mortgage. Consumers interested in refinancing their existing mortgage often return to their mortgage broker or lender that the customer worked with to get his existing mortgage, instead of the mortgage servicer who has a vested interest in retaining the mortgage customer. The entity who originated the mortgage is only compensated if the mortgage customer refinances and has little or no knowledge of customer retention programs available from the customer's existing mortgage servicer. While several Internet sites on the World Wide Web offer online loans and mortgages they do not offer a connection for the mortgage customer with the customer's existing mortgage servicer. This invention uniquely connects the mortgage customer with its existing mortgage servicer via the Internet.
Many mortgage customers who are interested in refinancing visit local banks or mortgage broker companies looking for a better interest rate than their existing mortgage. This process can take days or weeks for the customer. This invention provides an expedited process by which the mortgage customer is linked to his existing mortgage servicer. The invention connects the mortgage customer to the specific department within the mortgage servicer's operation dedicated to retaining mortgage customers. This is accomplished via an extensive database that provides an expedited process by which the mortgage customer provides necessary information to the database, and the database processes the information and identifies the customer's mortgage servicer. The mortgage customer and mortgage servicer's dedicated customer retention department personnel are then made aware of each other via an Internet link and/or e-mail link. The servicer is given the opportunity to retain the customer by offering the customer valuable cost saving opportunities for the customer's present mortgage, a home equity loan, refinance options, mortgage modification and/or provide them with other products that the servicer offers. This allows the servicer to retain valuable customers, avoiding the expense of replacing their loan portfolios whenever there is a reduction in interest rates, at which time customers often seek lower rates from a third-party mortgage provider.
From a consumer's point of view, mortgage modification saves hundreds to thousands of dollars in refinancing fees which can be avoided since the basic transaction is preserved, albeit in modified form. The consumer is optionally provided with mortgage payment history and loan balance as well as being educated to mortgage modification programs offered by their present servicer. Links to other financial products, such as credit reports, bi-monthly payment programs, home equity loans and other related services are also available.
From a mortgage servicing institution perspective, mortgage modification saves the company the expense of replacing an existing good customer with a costly new customer. Through modification, the customer is offered the opportunity to save hundreds to thousands of dollars in refinancing fees and offers the ability to showcase additional products and cross-sale opportunities. This invention provides an opportunity for the mortgage servicer to be discovered by an existing customer in a way that is otherwise unavailable today.